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UNITING THE WORLD OF FITNESS
Health Club Management

Health Club Management

News

Battle for Virgin Active: restructure 'still possible'

Virgin Active is trying to secure a restructuring plan
Investors in the company are understood to be ready to provide a £60m+ funding injection
Investment would need to be accompanied by a "wide-ranging" restructure
Restructuring plans are being rejected by some creditors
Virgin will go into administration if a deal isn't agreed by May
Number of operators would look to pick up sites from administrators

A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.

Investors are understood to be ready to provide a £60m+ funding injection into the fitness operator, in a bid to secure its future.

Any fresh investment, however, would need to be accompanied by a "wide-ranging" restructure of the business.

Virgin Active is 80 per cent owned by Brait – the investment group of former billionaire, Christo Wiese – which bought its stake from Richard Branson's Virgin Group and investor CVC in April 2015, leaving Branson with 20 per cent and valuing the business at £1.3bn.

HCM understands that a restructuring plan is still the favoured option for the company's backers and that a number of unviable sites have already been identified for disposal. Virgin Active had 243 health clubs globally prior to the pandemic (at the end of 2019) with 42 in the UK.

According to industry sources, Virgin Active's creditors – including some landlords – have been unwilling to agree to a restructuring deal.

Speaking to HCM, those close to the matter said Virgin Active is hoping to complete the rescue deal in late April and the company is not ruling out legal action to "bring landlords into line".

Time is of the essence for Virgin, as gyms in England are set to reopen on 12 April.

It is believed that, should the company owners fail to secure a restructuring deal by May, there is a real possibility of the company going into administration.

This would then lead to a winding up of the company and a sale of its assets.

HCM has learned that, should this happen, there are a number of operators looking to pick up sites from administrators as going concerns.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.
HAF,FIT,IND,PTS
2021/THUMB347345_325224_407293.jpg
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Click on a catalogue to view it online
Directory
Exercise equipment
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Management software
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Hydrotherapy / spa fragrances
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Trade associations
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Diary dates
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Locations worldwide,
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21-24 Sep 2021
Messe Stuttgart, Germany
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Exhibition Centre , Cologne, Germany
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tbc, Dunedin, New Zealand
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News

Battle for Virgin Active: restructure 'still possible'

Virgin Active is trying to secure a restructuring plan
Investors in the company are understood to be ready to provide a £60m+ funding injection
Investment would need to be accompanied by a "wide-ranging" restructure
Restructuring plans are being rejected by some creditors
Virgin will go into administration if a deal isn't agreed by May
Number of operators would look to pick up sites from administrators

A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.

Investors are understood to be ready to provide a £60m+ funding injection into the fitness operator, in a bid to secure its future.

Any fresh investment, however, would need to be accompanied by a "wide-ranging" restructure of the business.

Virgin Active is 80 per cent owned by Brait – the investment group of former billionaire, Christo Wiese – which bought its stake from Richard Branson's Virgin Group and investor CVC in April 2015, leaving Branson with 20 per cent and valuing the business at £1.3bn.

HCM understands that a restructuring plan is still the favoured option for the company's backers and that a number of unviable sites have already been identified for disposal. Virgin Active had 243 health clubs globally prior to the pandemic (at the end of 2019) with 42 in the UK.

According to industry sources, Virgin Active's creditors – including some landlords – have been unwilling to agree to a restructuring deal.

Speaking to HCM, those close to the matter said Virgin Active is hoping to complete the rescue deal in late April and the company is not ruling out legal action to "bring landlords into line".

Time is of the essence for Virgin, as gyms in England are set to reopen on 12 April.

It is believed that, should the company owners fail to secure a restructuring deal by May, there is a real possibility of the company going into administration.

This would then lead to a winding up of the company and a sale of its assets.

HCM has learned that, should this happen, there are a number of operators looking to pick up sites from administrators as going concerns.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
A battle to save Virgin Active is continuing, as the company works to secure a restructuring plan which would be approved by its creditors.
HAF,FIT,IND,PTS
2021/THUMB347345_325224_407293.jpg

News

The UK government has extended the ban on commercial evictions until 25 March 2022. Announcing
Operating a further four weeks at reduced capacity will place serious pressure on English fitness
People experiencing homelessness are being offered free access to leisure centres by Oxford City Council.
IHRSA has appointed Elizabeth Clark as its new president and CEO. Clark joins the industry
Boutique studio operator TRIB3 has launched its own-brand range of luxury toiletries. The operator, which
Rainer Schaller's RSG Group is bringing its John Reed brand of health clubs to the
Crown Sport Lockers (UK) Ltd
Crown Sport Lockers (UK) Ltd
L&R Kältetechnik has launched a new division, named artofcryo.com, after 30 years’ experience with -110
The government needs to urgently set out its plans to support physical activity and fitness
Glofox will begin offering health clubs, gyms and fitness studios instant access to financing, following
Hong Kong-based Bricks Group has revealed plans to launch its health club chain, U Time,
A £30m luxury leisure development scheme which has been more than a decade in the
Apple has previewed its much-awaited watchOS 8, the operating system for its Apple Watch. The
Chinese health club chain Supermonkey has finalised a series E funding round, valuing the company
JP Lennard
JP Lennard
Orbit4 is the first digital ecosystem that manages and facilitates the entire commercial fitness product
Gymbox has signed a partnership agreement to provide members of flexible workspace provider WeWork with
The number of health club members returning to gyms since lockdown has beaten all expectations,
The Jumeirah Group has reopened the 186-room The Carlton Tower Jumeirah, in the heart of
David Lloyd Clubs has enrolled former Labour Party deputy leader Tom Watson to help raise
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ukactive has published new data from the National ReferAll Database (NRD) – the UK’s first
FIBO Exhibition
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The US fitness industry is mobilising to support the Gym Mitigation and Survival (GYMs) Act,
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fibodo Limited
fibodo Limited
1 - 20 of 11,919
HCM Magazine
Interview
We’ve developed a property portfolio with a value in excess of £500m, as well as establishing award-winning management platforms across the student, hotel, gym and living sectors
HCM Magazine
Talking Point
Consumer research has shown a population-wide surge in interest in reducing lockdown weight gain and getting fitter. Is the industry ready and willing to put its hand up to help people with weight loss? Kath Hudson reports
HCM Magazine
Editor's letter
The industry can be the catalyst for recovery from the pandemic, as well as addressing many of the underlying issues which enabled COVID-19 to wreak such havoc
HCM Magazine
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HCM magazine
Safe Space Lockers has extended its partnership with boutique fitness franchise TRIB3, in a new 10-site supplier agreement, following the recent installation at TRIB3 Edinburgh
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An ongoing partnership between Active Leeds and Hussle has created exciting results in the form of increased usage and memberships
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As our sector starts to recover, there will be changes in the needs of communities, consumers and the provision of opportunities. To explore this subject we hosted a virtual round table to better understand views on key workforce questions
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HCM people

Andy McGlynn

Founder, GSquared
Once we grow beyond Manchester we’ll go head to head with Equinox and Third Space
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Opinion
promotion
While much of the fitness industry has reopened its doors across the UK over the past weeks, many members are yet to return.
Opinion: Re-engaging your post-lockdown absent members
Featured supplier news
Featured supplier news: Active IQ launches two industry-ready health and fitness diplomas
Active IQ has launched two new qualifications – the Level 2 Diploma in Health and Fitness and Level 3 Diploma in Health and Fitness – to help engage learners in an industry-ready training experience that can be tailored to suit local employer needs.
Featured supplier news
Featured supplier news: INEOS: The future of hand-sanitising
As gyms begin to reopen, cleanliness and hygiene remain an essential part of ensuring staff and members are confident to return.
Featured operators news
Featured operator news: Everyone Active bolsters Everyone on Demand and enters second year with five new partnerships
Everyone Active has signed a number of new deals which will see the operator strengthen its digital product offering, Everyone on Demand.
Featured operators news
Featured operator news: Being active helps Parkwood Leisure customers save the NHS £16m
Parkwood Leisure, one of the UK’s leading public leisure facilities operators, helped prevent more than 7,000 cases of stroke, dementia, depression and type 2 diabetes in 2019, saving the NHS £16 million, a new social value report has shown.
Company profiles
Company profile: Venueserve Fitness
Venueserve Fitness is an easy-to-use, low-cost web- and mobile online exercise platform, already being used ...
Company profiles
Company profile: Active IQ
Active IQ is the UK’s leading Ofqual-recognised Awarding Organisation for the Physical Activity sector....
Supplier Showcases
Supplier showcase - Funxtion
Catalogue Gallery
Click on a catalogue to view it online
Directory
Exercise equipment
Matrix Fitness: Exercise equipment
Management software
fibodo Limited: Management software
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Trade associations
International SPA Association - iSPA: Trade associations
Uniforms
Service Sport: Uniforms
Red Light Therapy
 Red Light Rising: Red Light Therapy
Whole body cryotherapy
Art of Cryo: Whole body cryotherapy
Fitness equipment
Octane Fitness: Fitness equipment
Salt therapy products
Himalayan Source: Salt therapy products
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Property & Tenders
Pendine Sands, Carmarthenshire
Carmarthenshire County Council
Property & Tenders
Diary dates
01-04 Jul 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
18-19 Sep 2021
Locations worldwide,
Diary dates
21-24 Sep 2021
Messe Stuttgart, Germany
Diary dates
28-29 Sep 2021
ExCeL London, London, United Kingdom
Diary dates
04-07 Nov 2021
Exhibition Centre , Cologne, Germany
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates
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Technogym
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